by | May 21, 2011 | Income Taxes, Tax Tip of The Week
“My spouse and I are getting a divorce, do I have file a joint return?” is a question I often get from taxpayers that are separated from their spouse but not yet divorced. The answer is, like most tax questions, maybe. A married person can file as if they were not...
by | May 12, 2011 | Current Affairs, Income Taxes, Tax Tip of The Week
The IRS announced that they paid out tons of bogus claims for homebuyer’s credits. This was based on an investigation by Treasury department inspectors. They uncovered claims that were paid out for homes that were purchased before the credit took effect, by taxpayers...
by | Apr 5, 2011 | Accounting & Bookkeeping, Books, Business Profit & Cash Flow Tips, Business Success Series, Cash Flow, Cost Cutting, Current Affairs, Income Taxes, QuickBooks, Small Business Owners, Surviving an IRS Audit Series, Tax Tip of The Week
Here are twelve hot spots on your return that can raise the chances of scrutiny by the IRS. By Joy Taylor, Assistant Editor, The Kiplinger Tax Letter www.kiplinger.com/links/auditredflags Ever wonder why some tax returns are audited by the IRS while most are ignored?...
by | Mar 25, 2011 | Accounting & Bookkeeping, Income Taxes, Tax Tip of The Week
From QuickFinder 1040 for 2010 General record keeping requirements for noncash contributions: 1) Name of charitable organization. 2) Date and location of contribution. 3) Reasonably detailed description of contributed property. 4) Fair market value and method of...
by | Mar 10, 2011 | Accounting & Bookkeeping, Income Taxes, Surviving an IRS Audit Series, Tax Tip of The Week
Ahhh!! Tax Season is in full swings here at the office, so creativity is temporarily taking a back seat. So until we get past our deadline, we will still do our best to post our weekly blog but they will be taken from our tax resources. This one is from QuickFinder...
by | Mar 5, 2011 | Accounting & Bookkeeping, Books, Cost Cutting, Income Taxes, Small Business Owners, Surviving an IRS Audit Series, Tax Tip of The Week
I regularly have conversations with my business owners about meals and entertainment deductions. A lot of business owner’s know they can deduct meal and entertainment expenses they just don’t know when or how to document theses items. First, let’s go over what...
